Experts say another SME master plan is crucial to set the tone for the sector’s growth and ensure its resiliency.
Deloitte Malaysia infrastructure and economics leader Nik Anira Nik Mohd Zain, who is a practitioner in crafting master plans for the country in the last two decades, told StarBiz that a new SME master plan is vital.
For example, digitalising SMEs are anchored by Malaysia Digital Economy Corp and financing assistance through collateral-free initiatives championed by the Entrepreneur Development and Cooperatives Ministry. “However, the new SME master plan must be more practical on the growth and the resilience of the SMEs, and not merely one that looks good on the theoretical side. SMEs are very different from those large corporations in terms of resources and markets,” Koong said.
“In addition, with the advancement of artificial intelligence , SMEs need to be provided incentives and training as well as financing support to embrace AI consistent with global developments in this technology for them to function more efficiently,” he said. He said SMEs are facing different challenges compared with their larger counterparts, especially pertaining to capital, technology-adoption, human resources, and access to markets.
“Notwithstanding that, the planning and execution stage will hold similar weightage. When planning for a master plan, a crucial element to consider is the aspect of inclusivity whereby the voices of its stakeholders should be heard to help policy makers derive policies that are realistic and subsequently lead to outcomes which are stakeholder-focused.
“So, the SME master plan has not delivered the high impact it was designed to provide. Part of the failure is that the plan was poorly designed and implemented. By its nature, the SME sector should be vibrant, competitive, and agile but regulations crush the entrepreneurs too often,” he said.
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